Corn Jly +39 675 (637-76); Dec +28 547 (517-48)

Bean Jly +27 1357 (1326-65); Aug +34 1337; Nov +43 1312 (1267-1319)

  Meal Jly +4 352 (344-54); Dec +4 359

  Oil Jly +260 6231; Dec +279 6003

Wheat Jly +9 646 (637-55); Dec +11 659; Jly22 +10 662

  KC Jly +18 618; MGE +22 845

Oats +8 385

Rice unch 1315

 

LC Jun -72 12210; Oct -87 12752; Dec -30 13192

FC Aug -320 15635; Oct -165 16105; Jan -145 16252

LH Jly +300 limit 10495; Oct +300 8740; Dec +272 8000

Milk Jly +22 1687; Aug +32 1695

CBOT futures closed sharply higher and near the day’s highs for corn and the soy complex. Today’s rally was all about the disappointing weekend rainfall and forecasts into July. View recent rainfall map HERE.  The spec funds were back as buyers ahead of Wednesday’s important USDA report, the June Acreage update. If the Acreage report is bullish, it may throw gasoline on a market that’s already trading “hot and dry”. Spring wheat conditions are deteriorating quickly with little rain relief expected. Soybean oil carried the soybean market today with 4% gains.  Click here to view NOAA’s 6-10 Day Outlook Maps.

U.S Crop Progress
Corn rated good/excellent is 64% vs 65% week ago and 73% year ago.
Silking is reported on 4% of acres vs 6% for 5-yr avg.
 

Soybeans blooming are 14% vs 11% 5-year avg.
Acreage rated good/excellent is 60% vs 60% week ago and 71% year ago.
Acreage rated v.poor/poor is 9% vs 9% week ago and 5% year ago.

Winter Wheat:
Harvested acreage is 33% vs 17% week ago and 40% for 5-yr avg.

Spring Wheat:
  20% good/excellent vs 27% week ago and 69% year ago.
  39% poor/v.poor vs 37% week ago and 6% year ago.

Pasture and Range Condition:
  31% good/excellent vs 42% year ago
  43% poor/v.poor vs 26% year ago

LC Jun -72 12210; Oct -87 12752; Dec -30 13192

FC Aug -320 15635; Oct -165 16105; Jan -145 16252

LH Jly +300 limit 10495; Oct +300 8740; Dec +272 8000

Cattle futures closed lower with feeders hit hard by the sharp gains in corn futures. Weakness in boxed beef values weighed on LC while expectations of a firm cash fed market this week limited selling. Friday’s Cattle on Feed report was considered neutral. Choice beef sank 7.13 to 297.43 and Select lost 2.22 to 273.96 on 119 loads. The Choice-Select spread is down to 23.47. Negotiated cash trade has been slow with live prices firm at $126.50/cwt and carcass price as high as $202/cwt. Last week’s beef production was down 0.5% week/week and down 2.2% year/year.

Lean hog futures closed sharply higher with $3.00 limit-up moves in the July/Aug/October LH contracts. The limit is $4.50 tomorrow. Today’s rally was continued short-covering following Friday’s rally off the June lows. Strong pork cutouts were also supportive. FOB Plant Pork gained 5.09 to 115.13 on lighter movement. The rise in the cutout was due to ham value up 13.97 to 90.17 and belly value up 14.45 to 169.58.

US$ +.1% 91.89

Dow -151 34283

SP +10 4291

NAS +140 14501

Tran -142 14835

  VIX +.14 15.76

 

WTI -130 7275

Brent -158 7460

Gas -4 222

NG +7 359

HO -3 212

Eth unch 248

Gold +2 1780

Slvr +11 2619

 

2-yr -.014 0.256%

5-yr -.030 0.899%

10yr -.056 1.480%

30yr -.070 2.099%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here